Laboratory Corp. (LH) Prices $1B Senior Debt Offering
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Laboratory Corporation of America® Holdings (NYSE: LH) has priced its offering of $1 billion in senior notes. The offering consists of two tranches: $500 million aggregate principal amount of 2.20% Senior Notes due 2017 and $500 million aggregate principal amount of 3.75% Senior Notes due 2022.
The Notes will bear interest from August 23, 2012, payable semi-annually on August 23 and February 23, commencing on February 23, 2013. The closing of the offering is expected to occur on August 23, 2012, subject to the satisfaction of customary closing conditions. The Notes will be senior unsecured obligations and will rank equally with LabCorp’s existing and future senior unsecured debt.
LabCorp intends to use the net proceeds of this offering to repay certain amounts outstanding under its existing credit facility dated December 21, 2011, and for general corporate purposes.
The Notes will bear interest from August 23, 2012, payable semi-annually on August 23 and February 23, commencing on February 23, 2013. The closing of the offering is expected to occur on August 23, 2012, subject to the satisfaction of customary closing conditions. The Notes will be senior unsecured obligations and will rank equally with LabCorp’s existing and future senior unsecured debt.
LabCorp intends to use the net proceeds of this offering to repay certain amounts outstanding under its existing credit facility dated December 21, 2011, and for general corporate purposes.
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